Withdraw with foreign atm or wise transfer safe 2024(tax wise)?

[Liverpool Lou]

2 hours ago, Presnock said:

read the last couple of days that Portugal is going to stop taxing some folks that they had decided weren't paying their fair share. 

How does your claim make any sense..."Stop taxing those who aren't paying"?  What?

[Liverpool Lou]

1 hour ago, john donson said:

imagine withdrawing 10.000 baht and only getting 8.500 ... 15% withheld at base

Has that been reported as officially being the case or are you just fearmongering?  That's rhetorical.

[Liverpool Lou]

47 minutes ago, nickmondo said:

The worst thing you can do is post on here and asking for opinions.

Lots of crap spoken here.

Just look for official announcements in the Gazette.

Reading the rubbish on here will just confuse you 

Well said.

[topt]

50 minutes ago, nickmondo said:

Just look for official announcements in the Gazette.

I doubt the small print, IE detailed processes, with regards to the recent change to the interpretation of one part of the tax code will make it into the "Gazette" - just as the recent change itself didn't......

 

52 minutes ago, nickmondo said:

Reading the rubbish on here will just confuse you 

However I don't necessarily disagree with this - especially if you had said "some of the rubbish" 

[Presnock]

2 hours ago, Liverpool Lou said:

How does your claim make any sense..."Stop taxing those who aren't paying"?  What?

Portugal had started taxing folks already but now has decided they were losing money instead of gaining anything so have dropped that new tax.

[Liverpool Lou]

1 minute ago, Presnock said:

2 hours ago, Liverpool Lou said:

How does your claim make any sense..."Stop taxing those who aren't paying"?  What?

Portugal had started taxing folks already but now has decided they were losing money instead of gaining anything so have dropped that new tax.

Ah...

[Presnock]

well in the news today, it says Portugal to re -instate tax breaks for expats , talented workers, and long stayers after they added taxes to those folks...read the news.

[Dirk Z]

Our money, or at least part of it is in a bank account in my wife's name. I have full control and a credit card for this account, so I can almost use it as my own. I transfer from Europe to this account with Wise. There is this wonderful rule: If the value of the gift does not exceed 10 million Thai Baht (THB), the receiver does not have to pay personal income tax for the received property. So the money is a gift to my wife. I can manage to keep my spending under 10M baht per year.

Edited July 6 by Dirk Z
typo

[BKKKevin]

4 hours ago, J Branche said:

My understanding is you can gift up to 10,000,000 baht to certain people without them paying taxes.  

My Thai partner says problem solved!... 😋

[digger70]

 Atm or wise transfer safe 2024(tax wise)? 

 

Why all then insecure info and related dramas about this.

If you have to pay tax ,Do it this/next year when they get their act together .

After that one should be able to understand and sort out how not to pay tax or just a bit.

 

 

[Moonlover]

5 hours ago, J Branche said:

My understanding is you can gift up to 10,000,000 baht to certain people without them paying taxes.  You can Not benefit or receive any of this money in return or it may cause many difficulties you may not want solve.

So sending a portion of my pension income directly to my wife's bank account  as 'housekeeping' and then accepting food in return would be regarded 'benefiting' would it?

[Dirk Z]

1 hour ago, Moonlover said:

So sending a portion of my pension income directly to my wife's bank account  as 'housekeeping' and then accepting food in return would be regarded 'benefiting' would it?

A gift is a gift, whatever the wife does with it. And there is no obligation to give anything in return.

[Luuk Chaai]

18 hours ago, statman78 said:

US Social Security money is not taxed in Thailand.  I currently have my SS money deposited into my US bank account then transfer money as needed to my Thai account as you mentioned in your post.  The remainder stays in the US and I use it to pay my US credit card bills.  As long as the amount I transfer into Thailand is less than the amount I get from Social Security I will not need to pay any taxes in Thailand according to several tax experts I’ve spoken to.

 

 

100% and confirmed @ revenue dept

[Mike Lister]

12 hours ago, Dirk Z said:

A gift is a gift, whatever the wife does with it. And there is no obligation to give anything in return.

It's true that the receiver of the gift owns the money and can do what they wish with it. But the giver of the gift must not receive any benefit from the gift, otherwise it's not a gift.

[Mike Lister]

13 hours ago, Moonlover said:

So sending a portion of my pension income directly to my wife's bank account  as 'housekeeping' and then accepting food in return would be regarded 'benefiting' would it?

Yes, it would

[Mike Lister]

15 hours ago, Dirk Z said:

Our money, or at least part of it is in a bank account in my wife's name. I have full control and a credit card for this account, so I can almost use it as my own. I transfer from Europe to this account with Wise. There is this wonderful rule: If the value of the gift does not exceed 10 million Thai Baht (THB), the receiver does not have to pay personal income tax for the received property. So the money is a gift to my wife. I can manage to keep my spending under 10M baht per year.

You need to rethink that strategy because it's tax evasion..

Edited July 6 by Mike Lister

[shdmn]

22 hours ago, soalbundy said:

Yesterday I saw an interview with a top Thai tax consultant who said ATM withdrawals are not taxed, probably because it just isn't possible. Wise as a financial platform would mean all transfers are traceable, especially as they land on your bank account. An ATM only lets you withdraw 25K at one time so you are looking at 3 withdrawals a month with the accompanying withdrawal charges from not only your Thai bank but also your home bank 3x a month, over a year that adds up. My home bank charges 5 euros (200 Baht) per ATM withdrawal, a Thai bank between 120 and 180 Baht so over a year you are paying around 7,200 Baht to your home bank per year and 4,500 Baht to your Thai bank makes 11,520 Baht.

150,000 - 300,000 = 5% tax

300,000 -500,000 =10% tax

500,000 - 750,000 - 15% tax and so on climbing up to 35% but not 35% for the whole amount, first 5% then 10% and so on Then there are all the possible deductions from the whole sum, my deductions work out to around 640,000 Baht only what is left gets taxed. I've worked out that I would pay 27,000 Baht tax (687 Euros) for a whole year, that isn't going to break the bank even though paying tax is unpleasant.

Have you considered using a cash pickup service like Remitly or Western Union?  I don't think that will be subject to tax either (?) and should end up less expensive than ATM fees.

 

Edited July 6 by shdmn

[shdmn]

19 hours ago, statman78 said:

US Social Security money is not taxed in Thailand.  I currently have my SS money deposited into my US bank account then transfer money as needed to my Thai account as you mentioned in your post.  The remainder stays in the US and I use it to pay my US credit card bills.  As long as the amount I transfer into Thailand is less than the amount I get from Social Security I will not need to pay any taxes in Thailand according to several tax experts I’ve spoken to.

 

As for using an ATM here in Thailand, my US bank reimburses me for any ATM fees as long as I have my investment accounts with them.

You will still have to get a Thai tax number and file a Thai tax return, so just one more thing to deal with, even if you pay someone to do it for you.

Edited July 6 by shdmn

[JohnnyBD]

1 hour ago, shdmn said:

You will still have to get a Thai tax number and file a Thai tax return, so just one more thing to deal with, even if you pay someone to do it for you.

My understanding is, if one remits only NON assessable Social Security monies, then no TIN number or tax return is required. You self-assess if you have assessable income above the 60k threshold, and if you do not, then no TIN and no tax return.

Edited July 7 by JohnnyBD

[Mike Lister]

41 minutes ago, JohnnyBD said:

My understanding is, if one remits only NON assessable Social Security monies, then no TIN number or tax return is required. You self-assess if you have assessable income above the 60k threshold, and if you do not, then no TIN and no tax return.

Agreed

[soalbundy]

1 hour ago, JohnnyBD said:

My understanding is, if one remits only NON assessable Social Security monies, then no TIN number or tax return is required. You self-assess if you have assessable income above the 60k threshold, and if you do not, then no TIN and no tax return.

If you don't have an income of at least 65K Baht monthly then you shouldn't be here.

[Moonlover]

4 hours ago, Mike Lister said:

17 hours ago, Moonlover said:

So sending a portion of my pension income directly to my wife's bank account  as 'housekeeping' and then accepting food in return would be regarded 'benefiting' would it?

 

4 hours ago, Mike Lister said:

Yes, it would

No problems Mike, it was 'tongue in cheek', but I'm sure some folks would be thinking like that. I'm not concerned about this issue at all. 

[Dirk Z]

5 hours ago, Mike Lister said:

It's true that the receiver of the gift owns the money and can do what they wish with it. But the giver of the gift must not receive any benefit from the gift, otherwise it's not a gift.

Isn't that what I said? 

[Dirk Z]

5 hours ago, Mike Lister said:

You need to rethink that strategy because it's tax evasion..

I disagree. It's following the rules. 

[JohnnyBD]

4 hours ago, soalbundy said:

If you don't have an income of at least 65K Baht monthly then you shouldn't be here.

Why are you quoting my post? I use the 400k in bank method, so I don't need to remit 65k per month. My Social Security exceeds 65k per month anyway, so if I did remit it, I wouldn't need a TIN anyway.

Edited July 7 by JohnnyBD

[khunPer]

On 7/5/2024 at 5:10 AM, sanook 1 said:

As the headline says,are those 2 options considered "safe" with the new Thai tax law 2024,or any other options/suggestions?

Nobody know at present, how the new tax of foreign income will be implemented...

[Will B Good]

I've just come back from the UK and brought 10k GBP with me.....that will easily last a year.

 

Could that cause me any problems......other than the wife finding it?

[NoDisplayName]

29 minutes ago, khunPer said:

Nobody know at present, how the new tax of foreign income will be implemented...

 

My guess is........same as before.  You decide if you want/need to file tax.  When you file, you self-assess remitted funds.

 

If not assessable, you don't enter the amounts on the tax form.  If assessable, you enter them in the spaces for dividends, interest, salary, etc.

 

For many retirees, they only list bank interest and possibly SET dividends received, totaling 5-10K, only to claim a refund of taxes paid.  There is (currently) no space on the tax form to list total remittances or non-assessable amounts.

 

Not showing remittances necessary to support themselves shouldn't set off red flags at TRD resulting in a release of BMW smart cars.

 

 

[topt]

2 hours ago, Will B Good said:

I've just come back from the UK and brought 10k GBP with me.....that will easily last a year.

 

Could that cause me any problems......other than the wife finding it?

Highly unlikely - and if queried just claim it is from savings pre 1/01/2024...........

Going strictly by the book even if declared it would depend on your allowances but it could be almost non assessable anyway - less than 500k baht.

[JohnnyBD]

3 hours ago, Will B Good said:

I've just come back from the UK and brought 10k GBP with me.....that will easily last a year.

 

Could that cause me any problems......other than the wife finding it?

Does anyone know if the money changers report transactions to TRD? Last time I changed money, I think they made a copy of my passport.

Edited July 7 by JohnnyBD